Monthly Archive: March 2018

In September 2017, Justice Kit Toogood ruled that Ping An Finance failed to meet the reporting and monitoring requirements regarding $105.4 million worth in transactions that were remitted out of its offices in central Auckland. Despite Ping An Finance’s claim… Read more >

Last month, a BBC investigation run by journalists Simon Maybin and Tim Whewell discovered 100 suspicious companies potentially connected to international money laundering all located in a single office block in Potters Bar, UK. The investigation suggests that approximately £1.2 billion… Read more >

The Maryland based company, Transport Logistics International Inc. (TLI), has been fined $2 million by the FCPA for bribing a Russian official in order to gain uranium transportation contracts. The Russian official, Vadim Mikerin, is a former employee of JSC… Read more >

In order to crack down on money laundering and corruption in the UK real estate market, the British government announced its plans for new laws to be drafted this summer that, if violated, could lead to anonymous investors jailed and… Read more >

Latvia’s Prime Minister, Maris Kucinskis, announced last week that Latvia is preparing a legislation to ban shell companies after receiving demands from the European Union and its western allies to strengthen their anti-money laundering (AML) policies. The Latvian government plans… Read more >

On March 19th, the Monetary Authority of Singapore (MAS) fined the Standard Chartered Bank branch in Singapore (SCBS) S$5.2 million and the Standard Chartered Trust Limited (SCTS) S$1.2 million for violating its anti-money laundering (AML) and counter terrorism financing (CFT)… Read more >

The SEC has pressed charges against Israeli holding company Elbit Imaging LTD, and fined them $500,000 to settle violations of the FCPA books and records and the internal controls provisions. The company spent millions of dollars on a real estate… Read more >

Elemetal LLC, a gold refinery in Texas, has agreed to a $15 million fine after three of its former employees were sentenced in a $3.6 billion money laundering case. Last year, Juan Granda, Samer Barrage and Renato Rodriguez, the former… Read more >

The US Federal Reserve has ordered the Industrial and Commercial Bank of China (ICBC) to strengthen their anti-money laundering (AML) policies after discovering “significant deficiencies” in the AML systems at ICBC’s New York branch. It was discovered that ICBC, the… Read more >

The best way to limit risk in a financial institution is through proper customer due diligence. Financial Institutions (FI) are required to collect enough customer information that will allow them to mitigate risks, and to develop a customer acceptance policy… Read more >